Canada\u0027s Scotiabank, BMO and TD fell more than 2% after the collapse of Silicon Valley Bank. Find out more.
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Some of the nation’s biggest lenders, including Bank of Nova Scotia, Bank of Montreal and Toronto-Dominion Bank fell more than two per cent on Friday. With banking equities far and away the largest sector by weighting of the S&P/Toronto Stock Exchange Composite Index, Canada’s main stock benchmark slumped more than the S&P 500 as the biggest U.S. bank failure in more than a decade roiled the market.
“Liquidity positions across the Canadian banks are strong,” CIBC Capital Markets analyst Paul Holden wrote in a note defending Canada’s financial sector. Deposits in the U.S. fell two per cent in the latter half of last year while Canadian deposits rose four per cent, according to Holden. “We do not think that deposit trends will force the liquidation of bond holdings, similar to SVB,” he said.
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